Fourth-quarter revenue at professional staffing firm Robert Half International Inc. (NYSE: RHI) increased by 5.0% on a same billing-day, constant-currency basis.

Included in fourth-quarter 2017 earnings was the estimated impact of a one-time, non-cash charge to the company’s provision for income taxes of $34 million, or $0.27 per share, resulting from the recently enacted Tax Cuts and Jobs Act (TCJA). The charge results primarily from a revaluation of the company’s deferred income tax net assets as of 31 December 2017. Excluding this charge, fourth-quarter 2017 net income was $81 million, or $0.65 per share.

International revenue for temporary and consultant staffing was up 14.0% in constant currency in the fourth quarter, compared to last year, while international revenue for permanent placement staffing was up 22.8% in constant currency. Meanwhile, US revenue for temporary and consultant staffing was up 1.3% in constant currency and US revenue for permanent placement staffing was up 13.2% in constant currency, for the same period.

Revenue by segment was broken down as follows

“We were encouraged by the broad-based acceleration of revenue growth rates during the fourth quarter in our staffing operations and Protiviti. Both our U.S. and non-U.S. operations posted strong results, with our permanent placement business leading the way,” Harold M. Messmer, Jr., Chairman and CEO of Robert Half, said. “The US labour market continues to tighten, resulting in talent shortages in some occupations and higher demand for our services.”

In trading yesterday, Robert Half International shares closed at USD 57.40, down 0.36% on the day and 2.00% below its 52-week high of USD 58.57, set on 26 January 2018. Based on its current share price the company has a market value of USD 7.24 billion.